MaryKennedy

NEW YORK (CBS.MW) -- September coffee futures were chilled Monday by a higher-than-expected world production estimate from the U.S. Department of Agriculture. Late Friday, the USDA estimated 1998-99 world production at a record 107.5 million bags, up 14 percent from the previous year. The USDA also raised Brazil's production forecast up 35.8 million bags, 12.3 million bags higher than a year-ago. Losses were limited, however, as the 35.8 million-bag estimate fell below analysts expectations of a crop between 36 million and 40 million bags. Brazil, the No. 1 coffee producer in the world, has benefited from the affects of El Nino. September coffee fell 0.6 cents to $1.117 per pound on the Coffee, Sugar and Cocoa Exchange.

In other commodities-trading highlights:

December corn fell 4.5 percent and November soybeans fell 4.7 percent, pressured by a cooler weather forecast. The latest 6- to 10-day weather forecast from the National Weather Service reports normal temperatures and little precipitation for the Midwest, encouraging growth of young crops.

In addition, traders expected higher crop ratings in the weekly USDA crop condition report late Monday. After the close, the USDA reported 67 percent of the U.S. corn crop is "good/excellent" condition, up 1 percent from the previous week. December corn fell the daily limit,12 cents, to $2.524 per contract and November soybeans fell 30 cents to $6.06 per contract, andon the Chicago Board of Trade.

December wheat fell 3.9 percent, pressured by harvest progress. Farmers in the Plains made good progress this weekend in the winter wheat harvest, with little precipitation and warm temperatures. December wheat fell 12 cents to $2.972 per contract on the Chicago Board of Trade.

Corn, wheat and soybean futures will be affected Tuesday by the release of the yearly acreage report and the quarterly grain stocks estimate by the USDA.

August feeder cattle rose 2.1 percent, lifted by the sharp sell-off in corn, soybeans and wheat prices. August feeder cattle rose 1.5 cents to 72.45 cents per pound on the Chicago Mercantile Exchange.

December cotton rose 1.6 percent, lifted by sizzling temperatures in Texas, causing permanent damage to cotton crops there. Texas cotton continues to swelter as temperatures hover around the century mark. After the close, the USDA reported 40 percent of the Texas cotton crop in "very poor to poor" condition.

Traders are looking ahead to the yearly acreage estimates from the USDA, to be released Tuesday before the open. Analysts estimate U.S. cotton acreage at 12.562 million acres, with forecasts over 12.8 million acres considered bearish. December cotton rose 1.2 cents to 77.84 cents per pound on the New York Cotton Exchange.

August natural gas fell 1.4 percent as temperatures begin to cool down after a strong heat-wave swept the much of the nation late last week. The latest forecast from the National Weather Service indicates a move toward more normal temperatures, lessening electricity demand for air conditioners. August natural gas fell 3.4 cents to $2.389 per BTU on the New York Mercantile Exchange.

October sugar rose 2.5 percent amid signs of increased demand. Russia, a large consumer of sugar, is expected to purchase new supplies. In addition, Ukraine is believed to have purchased 100,000 metric tons of sugar to replenish supplies, having suffered the worst sugar beet crop in 40 years. October sugar rose 0.22 cents to 9.03 cents per pound on the Coffee, Sugar and Cocoa Exchange.

August gold fell 10 cents to $294.90 an ounce September silver rose 1.2 cents to $5.34 per ounce October platinum fell 20 cents to $353.00 per ounce September palladium fell $4.20 to $285.50 per ounce September copper fell 0.55 cents to 73.60 cents per pound

Company

Dow Jones Network

Intraday Data provided by FACTSET and subject to terms of use.
Historical and current end-of-day data provided by FACTSET.
All quotes are in local exchange time.
Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.